PPI Verdict

Victory for Consumers in PPI Court Case

In a great victory for consumers, the banks have accepted that they must pay back earnings from any PPI (Payment Protection Insurance) that they mis-sold to their customers after losing a much publicised high court case.

The banks were struck a critical blow in April 2011 when the high court ruling found them liable for the mis-sold PPI debacle where money was deceitfully taken from customers who were under the mistaken belief that the PPI policy would help them.

Help, as it turns out, was the last thing many of the PPI policies could be accused of doing, as many of them were wrongly or mistakenly sold to consumers by financial institutions for various reasons. This has led to millions of people paying expensive insurance premiums for cover that was of no use to them whatsoever should they ever have needed to use it.

Despite trying to appeal against this ruling, the British Bankers' Association (BBA) announced in May 2011 that the offending banks had finally succumbed to the ruling, and subsequently set aside billions of pounds worth of compensation funds in preparation for the flood of PPI claims from affected consumers.

PPI is supposed to help you keep up with the repayments on a loan if your income unexpectedly dries up. For example, when you could not afford repayments on loans due to job loss or an illness or accident, then the PPI was in place to protect you with insurance payouts; allowing you to continue paying the loan back when it proved difficult for you to do so by yourself.

For many borrowers who had been sold PPI along with their loan, and who were faced with the regrettable situation in which they needed to make use of the policy, it became increasingly apparent that banks were denying many of them based on the fact that they were ineligible to claim, making all the regular payments to keep the policy going redundant.

There were many situations where people were asked or coerced into taking PPI cover that was no good for them, including instances where customers were told they had to pay for PPI if they wanted the loan, or the bank simply didn't bother to check to see if their clients were eligible.

If you have taken out any kind of loan - including mortgages and credit cards - you may have been mis-sold Payment Protection Insurance and could be entitled to make a claim against the banks or financial institution who has wronged you.

In order to claim back your PPI, you will need to prove that it was mis-sold to you and it is important to get the documents valid to the case as evidence, and to contact the guilty party and inform them that you believe that the PPI cover they sold to you is wrong and you wish to reclaim.

If you do not have the time or don't wish to undergo what can be a convoluted task of reclaiming your mis-sold PPI, Claims Financial can help.

We will claim back the maximum possible amount of unfair PPI charges taken by the banks on your behalf.

Our No Win No Fee* service deals with your bank directly. If you think you have been mis-sold PPI, reclaim your PPI today!